UK-based Peppy picks up over €41 million for its platform giving gender-based healthcare as an employee benefit

Peppy, a company pioneering gender-based healthcare as an employee benefit, has just secured new funding to fuel its global expansion. The UK-born startup is helping close the gender health gap and enables companies to offer their staff the care they need during critical life moments. 

Healthcare is a fundamental part of everyday life for every person, right around the world. Our health is our wealth, as they say, and taking care of it sometimes requires extra support as we go through life. Quality healthcare should be something accessible to everyone – regardless of gender, nationality, or economic status – but too often it’s not. 

Whilst healthcare systems come under increased pressure and prices start to increase, employers are also increasingly looking for ways to cater to staff needs. It’s part of a global HR movement to better attract and retain talented staff. As a result, more and more companies are offering healthcare as an employee benefit. 

Peppy, one of the pioneering names in this space, offers an innovative gender-based benefits platform. It initially started out to support women through menopause – something that happens to every woman, but until Peppy, there hadn’t been much to support women as they navigate this part of their life whilst balancing work. Now, the startup has expanded to include family and reproductive health, for both men and women, and has just secured new funding. 

Funding details

• Over €41 million ($45 million) was raised in a Series B funding round
• The round was led by Albion VC and joined by Kathaka, MTech Capital, Simplyhealth and Sony Innovation Fund. 
• Previous investors Felix Capital, Hambro Perks, Outward VC and Seedcamp also participated. 

Dr Mridula Pore, Co-Founder and Co-CEO of Peppy, said: “We’re on a mission to become a household name across the world and our Series B funding is just the start. We already dominate Europe’s employer-funded gender-based healthcare market. With our growing team in the US and numerous big brands already choosing Peppy, we will soon be a leading player in America.”

Founded in 2018 by Evan Harris, Max Landry and Mridula Pore, Peppy enables employers to provide their staff with expert support during critical life transitions. Born in London, the service launches with menopause support as an employee benefit – a world first at the time. 

Through live chat and virtual consultations, Peppy gives users unlimited access to expert healthcare providers who specialize in the conditions and life stages that threaten their health and undermine their quality of life. Entirely free to the user, via their employer, the service has quickly become a world leader in a multi-billion dollar industry and has expanded into wider family and reproductive health – including support when trying to start a family, becoming a parent, reproductive health issues like PCOS and endometriosis, and, a first-of-its-kind men’s health service.

Dr Mridula Pore: “Over the last few years we’ve seen employers wake up to the vital importance of personalized care. They know that it’s a non-negotiable factor in attracting, engaging and retaining the best colleagues, particularly women. We’re a young and outrageously ambitious company and we’re incredibly excited to continue our mission in the world’s largest healthcare economy.”

In 2021, the global menopause market reached a valuation of $15.4 billion, and it’s expected to continue growing at five per cent annually through 2030. It is estimated that around 13 million people in the UK are currently peri or menopausal, equivalent to a third of the entire UK female population, and, in the US, approximately 6000 women reach menopause every day. 

Now, with this new funding, the startup is planning to expand – taking on the lucrative US market. It’s estimated that reproductive health conditions like endometriosis and PCOS affect roughly one in ten women in the US, and Peppy aims to provide its pioneering service to people who currently don’t have democratized access to healthcare. 

Jay Wilson, Investment Director at AlbionVC: “Over the three years we have known the company, the Peppy team has executed above all expectations, giving us confidence that Peppy will go on to be the global category leader in providing personalized expert-led pre-clinical care to all. The rate of customer adoption highlights the depth of market need and Peppy has now cemented itself as the European category leader. The early proof points from customers and partners in the US are particularly exciting and we are delighted to be partnering with Peppy”.

The investment reflects a tipping point for gender-based personalized healthcare, and cements its importance in society. It also secures Peppy’s market-leading position and allows it to reach millions of additional employees in industries as far-reaching as finance, tech, legal, pharma, FMCG, and more. 

Currently, Peppy is trusted by over 250 enterprise businesses, including Accenture, Adobe, Canada Life, Disney, and Marsh McLennan. It’s certainly grown fast since the €8.8 million raise in 2021. 

Brian McLoughlin, Partner and Co-Founder, MTech said: “Peppy’s rapid growth in Europe underscores the vast market demand for a digital provider dedicated to women’s health — in particular menopause. Peppy’s business model resonates with its combination of digital convenience and personalized advice from experienced, specialized healthcare professionals. In the US women in the workplace face the same challenges as in Europe and the market here is essentially unserved. We’re truly excited to be investing in Peppy as it rolls out its offering to US employers.”

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• Source: https://www.eu-startups.com/2023/01/uk-based-peppy-picks-up-over-e41-million-for-its-platform-giving-gender-based-healthcare-as-an-employee-benefit/